Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 22, 2021

Closing Costs and What to Expect.

A breakdown of closing costs when buying a home or investment property in Ottawa.

Buying a home is most likely the biggest purchase you’ll make in your life. It’s also the smartest, and one that will bring financial security. The process itself can be daunting, and we highly recommend working with an agent to walk you through the steps. Being aware of the costs involved will remove the financial fears and surprises and make this exciting time more gratifying.

 

Quite often there will be costs or taxes that you might not include when you're running your numbers and if you're on a tight budget, any surprise fees could mean make or break. ⁣If you’re looking to purchase as an investment property, you’ll want to know all of the costs included so that you have an accurate understanding of your return on investment. We often hear that you need to spend 1.5% - 4% of the purchase price on closing costs. Let’s break down what that means. 

 

Purchase Price/ Down payment - you most likely get a mortgage so you need to put down the down payment. This is the one item on the closing costs list that seems to go without saying, but there is so much more to it.

Deposit: The deposit is rolled into your down payment, and is required at the time you submit an offer on a home or property. The deposit signals to the seller that you’re financially capable to purchase  and a serious buyer who’s committed to  that purchase.  There is no minimum deposit required, however; if you find yourself in a bidding war, a healthy deposit could make-or-break the deal for you.
 
GST/HST on New Builds- New build homes require GST to be paid. Some builders roll this into the price of the home unless the home is being purchased as an investment at which point you will need to pay this upon closing - up to a maximum of $25,000.  It’s important to find out whether the GST is included in the price.

Land transfer Tax- This is a fee you pay to register your property under your name. This must be done before closing and usually costs about 1.5% of the purchase price.

Lawyer Fees- These fees need to be paid on the day of closing. A lawyer will protect your legal interests and ensure the home does not have a lien against it They will also prepare the apportionments- the taxes payable will change depending on what the previous owner has already paid. Or in the case of a condo, any condo fees the previous owner paid up-front need to be reimbursed. The lawyer will calculate these and reimburse, and add to your fee.  They will review all the contracts before they’re signed etc. Depending on what they  are required to do, the fees will  typically be anywhere between $400- $2500.

Home Inspection- A home inspection is often recommended to include as a condition in the offer to purchase a home. A home inspector will write up a detailed report on the condition of the home including the electrical, plumbing, roof, foundation and  moisture levels, etc.. This inspection can cost up to $500 depending on the size and intricacies of the home.


Home appraisal- If you are using a mortgage lender, they may require that you provide a home appraisal as part of the process of securing a mortgage. They look at the market value of the area as well as the details of your home to find an estimate on the value.. This can cost anywhere between $300 - $500, and sometimes  is covered as part of the fee charged by the mortgage lender, so it is important to find out.

Miscellaneous Moving Costs:  It’s not just the buying process you need to budget for, it’s also the cost of moving. It’s always best to add  moving costs to your overall budget, as they’re unavoidable. Many of these costs can be negotiated and have wiggle room, unlike the other closing costs.  However, it’s important to budget for them in order to avoid any surprises which cause financial strain. Moving costs might include anything from,
the moving truck or moving company, boxes/ tape and packing supplies (plus the traditional beer & pizza for friends who help), Storage units (if required) and Redirecting mail 

Home Insurance-While home insurance is not required by law, it is necessary. Unless you are buying your home without a mortgage, your lender will require the insurance as part of the terms. It is very difficult to estimate the cost of home insurance, as it fluctuates greatly depending on the home, the neighbourhood and regional differences that may affect the likelihood of flooding or fires. Factors of the home could be the age, plumbing, electrical details, the roof etc. An insurance broker will assess the risk and be able to provide a quote, the higher the risk to the home, the higher your premiums will be.

 

Buying a home can be a complex process, it’s always best to reach out to a professional to help prepare you for the emotional roller coaster it can be. It also helps to be fully prepared financially so you never run into any surprises that can impact a purchase, and be demoralizing. Don’t allow for any hidden costs, be prepared and you’ll not have any uncertainties or fears. Work alongside an agent and they’ll keep you informed about all upcoming costs, timelines and work with you to review your budget on an ongoing basis as you look for your future home - reach out to our trusted Mortgage Broker.

 

 

The Home Guyz Team w/Solid Rock Realty Brokerage

Jan. 20, 2021

When Is The Best Time To Sell Your Home?

A Season-by-Season Breakdown for sellers.

One of the most commonly asked questions in real estate is “When is the best time to sell my home” with 2020 being such a tumultuous year the question can be even more relevant than ever. The answer however, holds a lot of promise for anyone considering a change. 

 


2020 was a strong year in Real Estate and 2021 is proving to be no different, regardless of the time of year. For example, CREA expects the average home price to increase by 9.1% in 2021, and even higher in the Ottawa area. The Ottawa market has proven itself to be highly resilient in even the toughest of times. Some of this comes from the nature of the pandemic, we’re seeing larger numbers of people interested in moving into the outskirts. Working from home has reduced some commuting concerns people once had, as well increased the need for more space at home. The surrounding Ottawa area, which was once a smaller market is seeing vastly higher demand. We are also seeing some new and exciting residential developments in Orleans, Stittsville, and Barrhaven which will only continue to keep the demand high in these areas and maintain the sellers market.

We know it’s a sellers market for 2021, and we have created a season-by-season breakdown for the year for those considering selling their homes.

Winter 2021
Winter in Ottawa is generally not the prettiest time to show off your home. With this year experiencing the run-off of the 2020 turbulence you would think this is not an ideal season to sell... however, trends are proving this wrong. The milder weather and the changes being forced through pandemic lockdowns is increasing the desire for many to relocate or move homes immediately making the demand high. The numbers from December are also proving the benefits of a winter sale.

Spring 2021
Spring is always the top time to sell and 2021 will be no different. The weather improves and it becomes easier for potential buyers to see the full potential of landscaping etc. Closing at the end of a school year is often preferred by sellers and buyers. Overall, the days are longer, the sun is shining and people are starting to emerge from hibernation and visualize the summer ahead in a brand new home. Spring is, and always will be, the top selling season. 

Summer 2021 
The markets are strong in the summer. But buyers are often vacationing, or busy with summer activities. This will certainly be the case for 2021 (especially if a large part of the population is vaccinated against covid at this time). Although there can be a great deal of benefit to selling off-peak. For example, if your home doesn't add up in the number of upgrades in comparison to one across the street, you may not want to be in direct competition in the height of Spring, so an off-peak sale period could be beneficial in this case.

Autumn 2021
The Fall can be a good time to sell you home. The weather hasn’t turned completely yet, so the full potential of the home is still visible. You’ll want to sell early Autumn, the markets slow in the lead up to Christmas (Although, this can be a time that serious buyers are looking) Be prepared for a quick closing, as many people will want to be settled by Christmas.  

It is always good to talk to an experienced realtor in your area. But truly the right time to buy is when it’s right for you and your family. The final say, should always be what works best for you. Considering your new home and the following types of questions to ask yourself:

Is the house ready, or could taking a little time with a few small improvements result in a significantly higher sale price?  Are the kids ready to move schools? Is work ramping up making it difficult? Do I need to travel for work this season? 

The final answer is - when you’re ready. Any good realtor will provide you with all the pros & cons, the numbers & statistics but at the end of the day it’s up to you to decide when the time is right.  

Visit us today to get your FREE, no obligation home value report - Click Here 

The Home Guyz Team w/Solid Rock Realty Brokerage

Posted in Selling
June 16, 2020

Ottawa Real Estate - Fun Chat With The Team | Ep. 22 - Miguel Vidal & Christopher Shane & The Home Guyz Team


Miguel and Chris talk about the current market and some other fun stuff with the team - Nilo Osorio, Shaunna McIntosh and Cris Vidal.

 

Team Site: www.thehomeguyz.com

Browse Homes in Ottawa: www.ottawarealestate.ca

Check out our podcasts: www.thehomeguyz.podbean.com

 

Be sure to catch the video on our Facebook Page or YouTube Channel.

 

More information can be found at: https://thehomeguyz.podbean.com/

 

June 9, 2020

Ottawa Real Estate CMHC tightening it's restrictions that come into effect July | Ep. 21 - Miguel Vidal & Christopher Shane & The Home Guyz Team


Miguel, Chris and the team chat with Andrew Walters from Platinum Mortgages as he discusses CMHC tightening it's restrictions that come into effect July 1 2020

 

Team Site: www.thehomeguyz.com

Browse Homes in Ottawa: www.ottawarealestate.ca

Check out our podcasts: www.thehomeguyz.podbean.com

 

Andrew Walters - www.andrewwalters.ca

 

Be sure to catch the video on our Facebook Page or YouTube Channel.

 

More information can be found at: https://thehomeguyz.podbean.com/

 

June 2, 2020

Ottawa Real Estate Selling During COVID19 | Ep. 20 - Miguel Vidal & Christopher Shane & The Home Guyz Team


 

Miguel, Chris and the team chat about listing your home with an agent and selling during these uncertain times.

Be sure to catch the video on our Facebook Page or YouTube Channel.

 

More information can be found at: https://thehomeguyz.podbean.com/

 

May 29, 2020

Market Update | Podcast - 05-28-20 - Ottawa Real Estate Market Orleans



Christopher Shane chats about the real estate market in Orleans.

 

May 25, 2020

Ottawa Real Estate -First Time Home Buyer Advice | Ep. 19 - Miguel Vidal & Christopher Shane & The Home Guyz Team


 

Miguel. Chris and the team discuss tips for any first time home buyers. Be sure to catch the video on our Facebook Page or YouTube Channel.

 

More information can be found at: https://thehomeguyz.podbean.com/

 

May 25, 2020

Market Update | Podcast - 05-21-20 - Ottawa Residential Town Homes Kanata



Miguel Vidal, Christopher Shane and the team chat about the residential town homes on market in Kanata.

 

May 19, 2020

Ottawa Real Estate - Chat with Home Inspector, Lawrence Thibault | Ep. 18 - Miguel Vidal & Christopher Shane & The Home Guyz Team


 

Miguel. Chris and the team chat with Certified Home Inspector - Lawrence Thibault from A Buyers Choice Ottawa and discuss the options home buyers and sellers have when buying or selling a home. Be sure to catch the video on our Facebook Page or YouTube Channel.

 

Lawrence Thibault - A Buyers Choice Ottawa West - http:// www.abuyerschoice.com/ottawawest

 

More information can be found at: https://thehomeguyz.podbean.com/

 

May 15, 2020

Market Update | Podcast - 05-14-20 - Ottawa Homes Orleans to Carp Road



Miguel Vidal, Christopher Shane and the team about the homes on market from Orleans to Carp Road.